Prepare a report on Financial Accounting Standards And Corporate

Question:

This is a group assignment with 2 members in a group. You may begin the MS-Excel based assignment after the Mid-Term exam and regular weekly submissions in class are encouraged to provide feedback to your work. Submission of a hardcopy is encouraged during week 12 in class (Tuesday, 29th May 2018). The Excel file should have your surnames (each group member) as the filename. You should clearly indicate your full name and student ID on the excel sheet either on the bottom or the top of sheet1.
Doogle House Ltd reported sales revenue of $20 million for the year ended 30 June 2017. In preparing the financial statements the following matters were considered:
(a) The foreign currency translation reserve fell by $60 000 as a result of translating the financial statements of a foreign operation.
(b) Financial restructuring has resulted in the disposal of land, bought in 1999 for future expansion, for a profit of $300 000.
(c) A dividend of $30 000 has been received from a subsidiary company.
(d) Balance of retained earnings as at 1 July 2016 was $360 000.
(e) On 15 Nov 2016, plant with a carrying amount of $450 000 was destroyed by floods.
(f) Income tax expense for the year ended 30 June 2017 is estimated to be calculated at 30% of profit before income tax expense.
(g) During the period, non-current assets were revalued upwards by a net $120 000.
(h) Other expenses incurred:
Interest $500 000 Wages and salaries $6 500 000 Selling expenses $3 000 000 Administration expenses $100 000 Bad debts $200 000 Occupancy expenses $480 000 Electricity/water $250 000 Cost of sales $6 000 000
 

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